Morgan Stanley gives MCX a boost, raises price target by 66%
Morgan Stanley just upgraded the Multi Commodity Exchange of India (MCX) from "Underweight" to "Equalweight," and bumped its price target up by 66% to ₹11,135.
That's only a small 2% jump from MCX's last closing price, but it comes after an impressive 76% rise over the past year.
Why does this matter?
MCX has been on a roll with daily transaction revenues climbing—if it keeps up an average of ₹104 million per day through FY27-FY28, its valuation could get even more attractive.
Among 12 analysts tracking MCX, opinions are pretty split: six say "Buy," five say "Hold," and just one says "Sell."
What's behind the upgrade?
A surge in trading activity—thanks to wild swings in commodity prices—pushed Morgan Stanley to raise its earnings estimates for MCX by up to 24% for FY28.
If trading volumes stay strong, there could be even more upside ahead.